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to avoid. i'm talking about taxes going up no matter what. taxes in the president's health care law. a new tax on investment income, a tax on medical device mers costing jobs, those aren't the only ones, that last tax forcing companies, many companies to laff workers. and coming attractions for the new year, to ben stein, charles payne, todd soenberger and sarah, charles, you first. >> let the flood gates open. listen, dagen, obviously, we know-- actually we don't know, but it's to nancy pelosi's point we're going find out and i hope we like it. a lot of taxes associated with obamacare. you mentioned the medical device ise, a l of these companies, by the way, medical device comnies have been laying off worrs right now. and that is, if this impacts, by the way, everyone, takes away from research and development, which will take away from life saving innovation and it's just, again, the very tip of the iceberg. ultimately, there's going to be ahole lot of taxes that just opens the gate for. this is just the beginning. >> ben, even if you look at action taken by the mical device makers, ther
suppression. our next guest defense the tough voter id law say it is a paramount important that we protect the integrity of the process and make sure voter irregularities and voter fraud is eliminating. joining us now, attorney general of south carolina, great to have you with us.at first, your reaction to what the first lady had to sy. >> i obviously disagree with the first lady.with in every state i looked at, georgia, indiana are two states, section five, one is not a section five states. when they have had laws with a federal id for theoter registration card actually minority that is a went up in subsequent elections and participation.s. lou: when you talk about the five states, those are states because of civil rights transgressions 60 years ago, 50 years ago, they still remain under the watchful eye of the justice department for a revision in their electoral laws or procedures, right?pro >> absolutely. states have asked the federal government permission before they can implement a law thathe affects elections, but in a state passing a law, that she, went up in a state of georgia, up
by the end of the year. an old law would kick in to force the government to buy milk at another price. how painful will it get for us in the grocery store? >> it tells us how insane. the sound of the cows tell you what will hpen. this is based on marketing act. it is a consequence . we have a bureaucracy that is based on this . the federal government an act in 1942. the supreme court in which a guy growing gra on his own farm can feed himself and his own cattle was told b the supreme court he could not do this because it is it in violation . act it is it about milk and 1949 and the federal government is going to go and make a mark a make a fair market o this . we'll buy it at eight dollars a gallon. >> and it is johnathon. that milk your drinking is about to do you believedouble in price. >> forget the cookies. >> that's the problem and the farm bill is the problem. government should center zero role in milk agriculture production. it is it so long las that interventi is the probl and creates the cliff because of the distortions and creates more uncertainty and destroys wealth . these farm
in advance what the tax laws are and rates will be. we cannot long tolerate a government that puts together scotch tape deals in the last minute and literally the last minute so two days ago people didn't know the taxes rates today. that's from a neutral point of view. from a partisan point of view if you permit me, it's a total -- the republicans didn't gain anything from the deal giving the president everything he wanted. they don't stand for any small government, lower taxes, stop the borrowing values. they have opportunities to redeem themselves, like, with the debt ceiling, but they're behavior -- charles: judge, i think what republicans say, is we lost the public relations battle. maybe the country has to see what the end results of what these policies are. we can't warn because they don't believe us. live through it, maybe it takes a couple years of the free willing spending, $20 trillion in debt to somehow trigger a grand epiphany. that could be the only way. %-program, we played greek musi, tongue-in-cheek, but kind of serious. cue the music. by the way, it is the song played on a
. according to congressional budget office analysis, the law calls for $1 in cuts for every $41 in tax hikes. 1-41. far from the speakers long time dollar for dollar demand on spending cuts in exchange for tax hikes and a debt ceiling slight. >> dollar for dollar improving the debt limit. >> i continue to believe that any increase in the debt limit has to be accompanied by spending reductions of -- that meet or exceed it. lou: and the new law loaded with pork. $2,500 tax credit extended to those who purchase electric suitors, an effort to incentivize alternative energy transportation. nascar, another big winner, a program that allows racetracks to deduct over $40 billion in operational cost also extended, and the president's hollywood friends rewarded. television and movie makers still eligible for over 400 million in tax breaks for doing business in this country. meanwhile, stocks soared on wall street as a result of that terrific deal that was struck. a major market rally despite the details, those pesky details in the fiscal cliff deal. the dow jones industrials gaining more than 300 poin
federal law -- she was evading federal law by concealing what should be open and transparent deliberations ovell these extremely expensive rules that the epa has been firsting on our economy. tom: nobody likes washington covering up anything but there are published wants that maybe he is is not the first baby -- she is not the first, and maybe carroll browner was involved in this, this may have gone on in bush administration, bush 43. is this - do you know anything about these accusations or reports? >> it was said during the clinton administration that carroll brander did not use e-mail. but we discovered, my colleague horner discovered that carroll brander did, wn the clinton administration left they destroyed hardwares that the e-mail was contained owe can't look back at shenanigans that cheryl branner was gettingp on the clinton administration. and now they are turning over approximately 12,000 e-mails to us. m: is that what precipitated her resignation, this is the common reason, i want to spend more time with my family. >> who knows, but it is no cosince -- coincidence she is up to
into a citizenship track. we allow them to get in line behind the people who have been lawful and waited in line. so we don't give them a preference in line but we do give them a legal status and we don't prohibit them from getting in line if they choose to go the citizenship route. gerri: senator, what do you have to have to be able to be part of the program as you're defining it? >> you have to be under 14 when you came here and you have to be under 28 now. you can serve four years in the military or, you can have six years in which to get some kind of job training or degree. it can be college degree of course or a technical degree, vocational degree, something that gives you a skill and then, fro that point you would get al second visa that would allow you to work for four years and then have the ability to stay here as long as you want to and abide by the law. gerri: i want to ask you why it is important to have this legislation. one of the issues of course in the wake of the elections, a lot of critics of republicans said, the republican party in particular need to be more supportive of immigra
law., ndrew joining me now is andrew boston. he's the author of the new book "sharia versusor freedom."shar the legacy of islamict to hav totalitarianism.ith it is great to have you with us. we appreciate it. let's start with the idea that w sharia law, a lot of people dismiss it as a cultural aspects of islamic life. it poses no threat to americans. what are your thoughts? >> sharia law is foundational in islamic society. mand but i it is also an entire political runsm, and here's where it afoul of modern human rights .ightsts unlike the bill of rights. includes a timeless war doctrine. als the doctrine of jihad. it also rejects basic humandom freedoms by freedom ofof conscience a freedom of speech, and it imposes discriminatory legal rgulations against non-muslim minoritiesin and women. it also includes dehumanizing punishments like lashing for alcohol consumption, stoni tolau death for adultery andn mutilating punishments as well. lou: is it your view that theren is no way in which american culture can accommodate sharia within a multicultural society? part of which ould be the mus
. they just can't by law say that will happen because it's not in law. we don't do much long-term was bank. when you said that congresswoman louise slaughter is hoping to get this done before markets over, there will be a vote before markets opened. we may be getting a vote before the end of the day. baboon that's the time we expect the house will vote on this proposal. the senate-passed proposal. if the house can pass this, that means it goes to the president's desk for his signature and then we move on to the debt ceiling fight. there was some congressional trauma going down a few hours ago, this after congressional republicans looked at the steel and said, there aren't enough spending cuts in here. started tough, perhaps, think about voting on an amendment that would cut some $300 billion in government spending, when republicans started asking members hominy folks would support that knowing that if they change this proposal, even adding spending cuts on, it basically on does the deal that the senate reached in pretty much were back at square one. the temperature of the house republicans
reform next year. that mechanism never happen. you can set targets and the law and state tax will achieve $1 trillion in savings over 10 years and entitlement reform will achieve the same. they never reach that so that is up in the air right now. you do have a willingness from the white house also did old -- to do corporate tax reform. they have a proposal that would lower it to 20% and republicans are working on a bill that would lower corporate tax rates to 25%. there is more of a push among republicans to overhaul the entire tax bill so they have a victory here. they made permanent 99% of the bush tax rates but they want to overhaul the entire code for individuals and corporations. when you look at what congress is working on now there are different committees. the ways & means committee controlled by the republicans in the house who are regretting a tax code or have been writing a bill that rewrites the tax code. in the senate there are senators like rob portman, max baucus, they have different proposals and ideas on what to do with corporate taxes. on spending reform, to little diffe
of law, the issue about the sound. >> in the u.s., yes. gerri: and seems to me, that is pollution. >> sure it is. that is the part, exposes the double-standard, gerri. it just drives me crazy. where is the sierra club? where is greenpeace, natural resources defense council, so-called environmental groups? why aren't they standing up for the small landowners? they are really getting a raw deal. wind energy companies are making handsome profits but individual landowners are really getting the short end of the stick. gerri: i wouldn't be happy if one of those was set up next to me. >> certainly would not. gerri: let me talk about the energy strategy council. >> right. gerri: they're suggesting starting a energy strategy council. >> sure. gerri: that would come up with a policy, soup-to-nuts, every federal agency in the world gets involved. possible? >> well, sure it is possible. i mean, this is the federal government after all. but, what bothers me is, this idea we'll have quadrennial review, four year plan just like the pentagon. i don't know that is the best model to work on. gerri
. they went into fast food places that the law went into effect. oh, yes. great that we can see the calorie count and they're paying more attention. indelicate the receipts and saw that they were eating more calories. >> well, let me just say that the best thing that we can do is step get the consumer the choice, th option. john: wrote a book titled everything i want to do is illegal. [laughter] >> right. [applause] de. john: what is your point? >> my point is that every time the government penetrates into the food system the abuses mount up from the big guys and little guys like us get routed back from the table do to a smothering bunch of regulations. vernment interventions come at the result of wind things it out of control. i health care costs to go $150 billion. john: it's his body. he can make his own stupid choices. >> i never believe that i'm hurting anybody's freedom. jo: you are banning things. you support the ban on the soft drinks. >> well, the big soft drink is important to realize that we need said -- you have children at the age of nine. th suffer from hypertension as a resu
. with regard to legal immigration, think the rule ofn law is remaining the best way oe making sure that people don't come into the country illegally. the risk of an amnesty that is basically all that we are talking about unfortunately is amnesty. every amnesty in the past weather in europe or in then united states has had the effect of attracting more people in the country illegally in the hopes of a future amnesty. lou: years ago i started talking about a rational, humane immigration policy that would take intocy account all of the concerns about displacement of those who were in this country illegally, a due process make a determination of how work permits and legal status occurred. that is not enough.th the activist groups in this country t insist upon one thing, it is remarkable demand in my eyes, they insist upon amnesty and this president is insisting upon amnesty. what is your reaction? >> what i worry about most is not amnesty, but incredibly successful campaign toma stigmatize any immigration enforcementti whatsoever.ha when you have opposition across the country to a program called s
laws passed, they have their mosthorrible gun massacre. norway, some of the most strictest gun laws on the planet, and that got on the island and murdered all of their kids. we have to understand somhing new is happening. the guns have always been there. we're working hard to keephem out of the hands of kids, but there is something profoundly new. if we don't focus on that e completely miss the issue here. lou: what is that new -- that change that is overtaking us, our society that can lead to this kind -- >> a new phenomenon. lou: what is it? >> never there before. violence injury, particularly video games. the number one trade law enforcement. man-hours, contact our supply system anywhere you want to measure it. one of the leading trainer is a military. i have a best-selling video series were preparing individual citizens to be able to use deadly force at the moment of truth. and from all those perspectives, we know that simulations and visualization and mental rehearsal is absolutely essential to performance on the battlefield. the video games are providing the exact same thing
served my mother-in-law your chicken noodle soup but she loved it so much... i told her it was homemade. everyone tells a little white lie now and then. but now she wants my repe [ clears his throat ] [ softly ] she's right behind me isn't she? [ male announcer ] progresso. yogotta taste this soup. guest to says guns are not the real problem. kidsre becoming so desensitized to violence and to death because of viont video games that we are injuring our young people. in some cases previously. the foremost experts on violence an media. lieutenant-colonel david rosen, former psychology professor at west point and author of, killing the psychological cost of learning to kill and war and in society it is good of you to be here, colonel. want to start with the idea that is now being discussed right now. there is some discussion. obviously a reflection which is, take away the guns, the reflexive answer which, it had to be simply a psychological problem, part of one young man. you see it as a much more broad and profound problem than even that. >> the first thg is, this is a worldwide phenomenon
could make more money if i got a law degree. then i could start suing businesses. or you taxpayers. that's made this man millions. that's next. >> we're back with more on freeloaders. you remember the shirley scandal? >> mer sherrmust resign immediate limp the federal government cannot have skin collar deciding any assistance. >> a video suggested the loan officer refused to help a farmer because he was white. he then equipped. >> this is a fox news alert. an obama administration official resigned a short time ago. >> but then we now know the video was edited to take what she said and twist. i hoe miss sheridan an apology. >> but less than the hype was a much bigger story, one that is eating billions of your tax dollars. >> what do we want? >> tax break. >> when. >> these protesters brought tractors and horses to washington, claiming the loan officers did the opposite of wh he was falsely accused of. they favored whites. this lawyer claims the department is racist. >> if john stossel goes back to whenever you grew up and decide to farm and go in to get a loan, you're going to do well. ye
the president racked up. one is is health care law that continues to be unworkable. i say this as a doctor. it is very unpopular and it is unaffordable. the other so-called stimulus package which was supposed to do things to help the economy. it fell way short of all the promises. it is a failed stimulus plan. so these are bills that the president has committed america too that i don't support. melissa: right. >> i want to cut spending additionally for any dollar increase in the debt ceiling. melissa: who would extend more credit to someone who hasn't put a a plan together to live within their means in the future? how about that for a response? >> it is a good response. why would china continue to lend us money. we're borrowing $40 of every dollar we spend. he didn't want children to grow up in a nation burdened with debt but he has done nothing, absolutely nothing, melissa, to really focus on the real problem in this country which is our debt. it is the greatest threat to our national security. melissa: please do something about the debt because moody's here warning. they are nonpartisan,
federal law because the federal law i think prohibits gambling on sports in several states other than nevada and three others which were grandfathered in. very simplest form the new jersey case seems as well if you allowed it in four states, why not just allow it everywhere? >> i think that is exactly right. that's the argument. why should the federal government ban something in new jersey that's allowed in nevada. adam: right. >> it is illogical. adam: along comes the nfl, the nba, different sports leagues and they say no, no, no. you can't allow betting on our games in it was the nba in new jersey. that will give perception the games are fixed and we're not up and up kinds of people, right? and the judge agreed? >> i think the judge came to the conclusion somehow it would harm the leagues. i don't think anyone thinks it is necessarily means it is fixed. what everyone wants, everyone bets illegally other than in navy. adam: not here. people to do this all the time. >> estimate 300 to $500 million is bet illegally in the u.s. if you took 5% of that, that means there are $150 million g
legislation is a new tax under president obama's health care reform law that a 3.8% medicare surcharge on investment income for individuals making more than $200,000 a year and families making more than $250 # ,000. the tax increase to hit almost all taxpayers, lower income as well as upper income, is the expiration of the payroll tax cut from the last two years, and that is the main thing that is increasing taxes for households earning $100,000 to $200,000 a year. that's the income bracket we look at at this hour. according to the tax policy center, they go up, on average, by about $1800 a year as social security withholding rises to, back up to 6.2 #% this year from 4.2% the last couple of years. melissa? >> all right, peter barnes, thank you so much. >> uh-huh. >> keep it here on fox business. in the next hour, what it means for individuals making $200,000 to $500,000. full coverage of all peter's reports also on foxbusiness.com because a lot do not realize that their taxes have gone up overnight, even if they don't make more than $400,000 or $450,000. >> this is not even the taxes
of. about the law. >> a paralegal who is good at using bank paperwork errors to her advantage. a few months ago a courtinally forced her out but she got to live here rent free for 25 years. >> she learned how to freeload off the syste >> i give her kudos. >> he is a freeloader. he is a freeloader, too. win or lose he still collects a paycheck from the bank. >> the losers are you people. who pay your mortgage on time. >> some of these bankers get arrested? >> absolutely. >> the media claims evil banks take home from people. >> a disaster for millions of americans. >> the problem isn't withhe borrowers. it's the servicers. >> that leads people to trash their homes before the bank can take it back. this guy drove his truck through he home. >> i didn't want the bank to make a profit off me. and jesse jackson's proe protesters are criticizing the banks, claiming predator lenders trick people into taking out unaffordable lns. but is that true? the federal reserve bank oflet found unaffordable loans are unlikely to be the reason borrowers default. >> if it's not predator lending, what might
what the laws are and what the tax rates will be. stuart: to cut off all new borrowing suddenly is economic disaster. >> that is an argument that we will continue. rasmussen poll just in car 54% of americans say they would feel safer if there was an armed guard in their school. >> i watch my son go through the school and down the stairs. >> large schools already have local police department there. stuart: there is a huge difference. connell, it is yours. connell: stuart, thank you very much. good morning, everybody. i am connell mcshane. we will be looking at what it means for your house and your car, your taxes, the whole thing. the next big headline for market baby jobs friday. where is the job creation coming from in this economy. ad space is just about gone, apparently, for this year's super bowl. you will not believe some of the money that companies are throwing around this year. welcome, everybody. we have to start with the markets. at the top of the hour, we go to the new york stock exchange. nicole: we are seeing the markets with thing this morning. we have seen all the
are some of our favorites. let's start with illinois. starting in 2013 and new law gives motorcyclists be okay to run red lights. leave it or not. after complaints from cyclist who say light sensors don't see the cycles. and the okay for computer-driven cars on public roads but they say it is okay as long as a human is in the passenger seat. also in the golden state, hunters are now banned from chasing bobcats. in the population is out of control, a new law will now impose harsher penalties on those who release hawks into the wild. and finally, my personal favorite from new york city, they do three things all the time. and now ban the sale of large sodas and sugary drinks at restaurants. to curb obesity. like that is going to help. more than 200 of these laws will now be on the books come january 1. call me crazy or what. for more on what will look like in the new year, joined by university of maryland economics professor peter morrissey. great to see you again, has been a while, glad to have you back on. we talked about this before but what happens if we go over the cliff, the recessi
? >> exxon does not pay their fair share. they get tax breaks that are written into the law by their very highly-paid lobbies and supported by the many congresspeople who they give millions of dollars to every year in election campaigns. melissa: but still you said tax breaks. that is tax breaks that is their money hanging on to. it is not money they're getting back from congress. it is their money. >> it is money that everyone else has to pay. you know they get a special tax break for, for instance, if they want to make a project internationally they have a special government-backed loan program at u.s. export import bank. last year that program alone provided $10.4 billion fossil fuel subsidies. melissa: can i ask you better for my children and went out like the navy and spent $26 a gallon on biofuels or the air force which is spending $59 a gallon would that be better for my children we were all doing it. i don't like the air force and navy doing that. that is bad for my children's future because it runs up the deficit. >> the best thing for my children's future, i have two boys, one 1
sales rising over concerns of tighter gun control laws. we can find some winners in the stock market. here are some of those on the s&p. ♪ she knows you like no one else. and you wouldn't have it any other way. but your erectile dysfunction - you know, that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take alis if you take nitrates for chest pain, as this may cause an unsafe drop in blood pressure. do not drink alcohol in excess with cialis. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, seek immediate medical help for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision, or if you have
that you know, we are held to some limitations. in fact it is against the law, if at times i was to spend more money than i actually have. doesn't make any sense. adam: no, it would make you a politician. >> absolutely. absolutely. there is no skin in the game. yeah, granted i have accountability. i have accountability to clients, employees, to produce the best product and service that we possibly can. adam: sure. >> i don't think that is here. i don't think that is evidence. i think that we've got people coming and going. it will cause for great disruption and going to continue for years and years. adam: steve, let me ask you, when the president spoke mid-afternoon today, did he poke, take his finger and poke it in the eye of the republicans saying i beat you up and now i spit on you? seems like he was doing all he could to destroy whatever deal was on the table? >> i think there were two problems what he said. one was tone. the other was substance. if you look at the tone, this is a president, who at least in theory wanted to avert this fiscal cliff. i've been saying all along there are
of law? >>guest: they don't have rule of law or access to credit and they are locked in a viciou circle poverty. it takes a small investment to get them out of that. to me it shows the aptitude of pele. when a young couple decide to grab if the kingdom a to have two children, they invest in the children and they take off. we have two-child families from re and onward. the world is governed fromhat. it is not the big corporations or banks that run the economy, it is the young couple who decide to work. >> when they are educated with wealth they . >> are lpful. this fantastic investment in vaccinations that helps so do you not have a kid who is physically handicapped for life, that drags the family down. the way that government sources are used is crucial. there are some things like advancement d research and primary school we need the government money but it has to be controlled. >> tnk you, sir. next, you want to live to be 150? my next guest says the first person to do so my have already been born. it might be you. do you want ive to be 150? i don't. how advances in medicine may change
but do the jobs that make our lives in this country work. our first guest tonight says gun laws are critical part of this national discussion, butthe countrylso needs, hesays, to respond to the mental ealth issues when it comes time mass shootings as well as the corrosive influence of the digital world in the culture of violence. joining us, former common security sectary, former governor of pennsylvania, tom ridge, who also served on te review panel to study the virginia tech shooting which claimed the lives of 32 people. good to have you with this. let's strt with the culver legislation here, senator dianne feinstein is putting forward something that looks very familiar to you which is the assault weapons ban which he supported when you were in congress back in 1994. what are your thoughts? >> i think it certainly understandable, predictable that the first focuses on the instruments of this tragedy, the instruments of war, and those of the firearms and the guns. i think, and i hear reread to pinpoint. this is a game changer. i heard the same language upper columbine and virgin
this, if you don't change your gun laws to at least try to stop these relentless tidal waves of murderous carnage then you don't have to worry about deporting me. i'll have my take on piers morgan in our next hour or so. clearly, i've got a dog in this hunt, i am english, i'm an immigrant, et cetera, et cetera, and i've got a strong opinion on pierce morgan. let's go back to kelly jane, what do you think of piers, my good fellow. >> is anybody crying about this, is anybody worried that piers morgan is it going to leave? you know, i hate to be -- i hate to be snarky, but i think that people were very surprised when he got that slot after larry king in the first place and his show has been most successful in giving people things to laugh at the day after. stuart: ooh, that was good, kelly jane. that was really nasty. . [laughter] thank you very much indeed. >> i love the english, i love the english so i'm happy to have more of them in the states, i just think that they might want to read a little about the history of the country to which they're going to, which you obviously ha
. >> they don't have rule of law? >>guest: they don't have rule of law or access to credit and they are locked in a vicious circle poverty. it takes a small investment to get them out of that. to me it shows the aptitude of people. when a young couple decide t grab if the kingdom and to have two children, they invest in the children and they take off. we have two-child families from here and onward. the world is governed from that. it is not the big corporations or banks that run the economy, it is the young couple who decide to work. >> when they are educated with wealth they . >> are helpful. this fantastic investment in vaccinations that helps so do you not have a kid who is physically handicapped for life, that drags the family down. the wa that government sources are used is crucial. there are some things like advancement and research and primary school we need the government money but it has to be controlled. >> thank you, sir. next, you want to live to be 150? my next guest says the first person to do so my have already been born. it might be you. do you want to live to be 150? i don't.
're in right now because of these laws and it's the unintended consequences as gary says, taking a few incidents a now taking 2 million people to deal with a little problem. >> brenda: thanks, guys, that's got to be the last word. so, dock workers and shippers forging a temporary deal to avoid shutting down major ports and our economomomomom >> a last minute dea averts a crippling strike from maine to texas, but the temporary agreement will only last about a month and jim, you say this could be the costliest union threat yet? how so? >> we've already seen retailers like home depot, lowe's and target affect their business. we're in an age of just-in-time delivery. and when youisrupt that, you disrupt things when times are tough. bear in mind, also, there are 25 million people out of work. 52 million on food stamps and the unions are choosing now to flex their muscles. i do't know wh is running pr for these people, it might be "monty python," it's bad timing and bad pr. >> brenda: and these people say they need a better, livable wage. yeah, what's wrong with workers getting a raise and
the laws, all of the real estate lending, all that. there the ones to set e rules. i mean, we did this. we elected this same crowd. the senate still has harry reid, the democrat, the house has john painter, the president is still the president. why she we expect anything to change. >> i don't expect anythg to change. the reality is you have the same people. there very blunt, competent, dishonest, lying to the american public for a long time, promising things they know they cannot deliver. our children grandchildren will pay the prce. maybe sooner, but the bottom line is you are dealing with people who care about themselves to maintainng power. >> i think they care abut the 1%. they increase the taxes on those made for under thousand and above, less than 1%. and the republicans are holding the country hostage. they rejected that. tom: will that tax solve the deficit spending? >> it will if you include 2%, 250,000 for couples, 200,000 for individuals and above. you start taxing capital gains and dividends, reinstate that and get rid of $109 billion in corpate xes every year. you're looking i
never saw a new law you didn't love. >> that bitterness will make -- us. >> we have 5 cents on every piece of bacon, right? [laughter] that is all the money we have for you today. we will see you tomorrow. "the willis report" is next. stay classy, san diego. gerri: hello, everyone, i am gerri willis. retailers dealing with the fallout of shoppers not showing up this holiday season, dc starbucks store is urging lawmakers to come together tomorrow and friday. they will come back to work in a mighty more to to the point. the senate is back tomorrow morning. treasury secretary tim geithner is one congressional leaders about december 31. that's next monday, my friends, five short days from now. we have michael burgess of texas with us. i want to read you what the treasury secretary wrote to harry reid. he said i'm writing to inform you that the statutory debt limit will be reached on december 31. he went on to say that they have special gimmicks they are going to deploy to allow us to go past december 31. we have to tell you that here we are again. nothing is being done. we have no resolu
is a new tax on the president's health reform law. the medicare surcharge on investment income for individuals making more than $200,000 per year. come is making more 250. the tax increase that ill hit pretty much everybody, lower income as well as upper is the expiration of the payroll tax cut from the last two years hitting anybody with a paycheck from $10,000 to a billion dollars. so for the households earning more than a million dollars or more per year according to the tax policy center, their taxes will go up on average by $170,341. no surprise if you're including billionaires. david: we should include even millionaires and th william ayes once he taxes go up on the first 400,000 for individuals or $450,000 for families. correct? >> right. for a billionaire, i think that is tipped money. david: thank you peter barnes. you can see specifically however id of other income brackets, perhaps your bracket is there. being hit with the higher taxes, even people below $400,000. liz: check it out. stocks a big rally following the fiscal cliff deal. we have mark sebastian joining u
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